What happened: Virtual land tokenized as an NFT just sold for $26,692, which is 19.75x the current floor price of 1.11159243 Ethereum ETH/USD ($26,692 USD). The collection consists of over 97,000 plots of land –– at the current moment each plot Land parcels are 16m x 16m, or 52 square feet. Land in Decentraland and The Sandbox skyrocketed after Facebook's rebrand to meta, as more investors become aware of what the metaverse is. Most of the time, virtual land sells at a premium due to the size of the lot and its proximity to the center of the metaverse.
Ethereum's blockchain is home to open world metaverses, with the 2 largest being Decentraland MANA/USD and The Sandbox SAND/USD. Brands like Adidas ADDYY and Atari PONGF have bought virtual land in these blockchain-based metaverses, and some companies believe that much of retail will eventually happen within the metaverse.
The term metaverse is used to describe the evolution of human's interaction with the internet. As we spend more and more of our time on the internet, the gap between the real world and our online identities declines. Eventually, the metaverse is intended to be an immersive virtual world where people enjoy digital ownership and can interact with their peers.
Why it Matters: After Facebook FB announced its rebrand to Meta, investors began to pay attention to platforms that are building metaverses. Smart contract blockchains can secure ownership of digital assets, so these networks play a crucial role in building out the metaverse.
See Also: NFT Release Calendar and Best NFT Projects of 2021
Data provided by OpenSea.
Checkout the full The Sandbox collection
You can learn more about this LAND here.
This article was generated by Benzinga's automated content engine and reviewed by an editor.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Get ready to uncover the secrets of decentralized finance and security in the crypto market with Crypto Unlocked , Benzinga's new virtual crypto event series. Don't miss out on this opportunity to learn from the experts and connect with fellow crypto enthusiasts — subscribe and turn on notifications for Crypto Unlocked on YouTube today !